The merged NorthStandard protection and indemnity mutual, which opened for business today, has been given a thumbs up from S&P Global Ratings.

The influential credit ratings agency has upgraded the individual North P&I Club and Standard Club’s A- with a negative outlook rating to an A rating with a stable outlook for the merged entity.

“This improved rating assessment from S&P confirms that NorthStandard has the financial resilience and certainty members need from their P&I partner in 2023 and beyond,” said Jeremy Grose, who will share the managing director role with Paul Jennings.